Pangaea Logistics gets ‘hunting license’ in $50m loan from DNB

Shipping bank DNB has supported Pangaea Logistics Solutions’ fleet-renewal plan with a $50m bilateral refinancing, the Rhode Island-based shipowner said on Friday.

The upsized loan was instrumental in Pangaea’s buy of two 57,700-dwt supramaxes from Oslo-listed Belships in May for $28.3m each. The former Belfriend and Beltide (both built 2016) have been reamed Bulk Prudence and Bulk Brenton.

The DNB facility “allowed us sort of a hunting license to acquire ships”, said chief financial officer Gianni Del Signore on an earnings call with equity analysts on Friday.